Colombia oil and coal production to fall over the next decade - government says International News

Oil production will fall to 654,000 barrels per day (bpd) in 2030, from current levels of 787,000 bpd, finance vice-minister Juan Alberto Londono said in a presentation to congressional economic committees about royalties.

 

 

Bogota: Colombia's output of top exports oil and coal will fall by 16.9% and 28.4% respectively over the next 10 years, government predictions showed on Tuesday, but the impact will be mitigated by better prices for both fuels.
 
Oil production will fall to 654,000 barrels per day (bpd) in 2030, from current levels of 787,000 bpd, finance vice-minister Juan Alberto Londono said in a presentation to congressional economic committees about royalties.
 
Colombia is attempting to increase its 2 billion barrels of oil reserves, equivalent to about 6.3 years of consumption, by expanding exploration and improving recovery levels in existing fields. It is expected to announce initial bids in its current oil round on Friday.
 
It was not clear whether the oil output estimates included potential production using nonconventional methods like fracking, whose use depends on pending approval by the country's top administrative tribunal.
 
Crude prices will increase over the next decade to $74 per barrel, up from an average of $37 this year, the presentation estimated. Production of coal - Colombia's top mining export - will fall to 53 million tonnes by 2030, from 74 million this year, the presentation predicted, as prices rise from current dismal levels of $29 per tonne to $46 per tonne.
 
Decreased economic growth in China, a global move toward renewable energy and oversupply have battered demand for coal worldwide.
 
Colombia's mining future lies in metals and not coal, mines and energy minister Diego Mesa told Reuters in a recent interview. The government is eager for large-scale investments in gold, copper and other minerals, and last week celebrated the opening of Chinese miner Zijin-Continental Gold's major project in Antioquia province.


Posted Date :  28-10-20

Categories : International News

Tag Cloud: International News

Similar news

Canada biggest electricity producer enters energy storage market

MONTREAL: Hydro-Québec, Canada’s largest electricity producer, on Wednesday entered the fast-growing market for storing renewable energy, where it could face competition from the likes of Tesla.   Hydro-Quebec launched its EVLO unit as countries push to reduce emissions,
Posted Date :  09-12-20

Read more

Oil rises on vaccine hopes despite U S stock build

LONDON: Oil prices rose on Wednesday as news about COVID-19 vaccines lifted investor hopes for a recovery in fuel demand and outweighed concerns sparked by figures indicating U.S. oil inventories jumped last week.   The American Petroleum Institute (API) said on Tuesday that U.S. cru
Posted Date :  09-12-20

Read more

Oil slips amid surging virus cases and US-China tensions

New York: Oil prices slipped on Monday as the positive impact from COVID-19 vaccine news and an OPEC+ deal on oil production cuts was undermined by surging coronavirus cases and heightened tensions between the United States and China.   Both oil contracts gained around 2% last week a
Posted Date :  07-12-20

Read more

Volatile oil prices poised for second monthly decline

London: Global oil prices moved in and out of negative territory on Friday but remained on course for a second monthly fall as rising COVID-19 cases in Europe and the United States heighten concerns over fuel consumption.   Brent crude was down 3 cents at $37.62 a barrel by 1140 GMT
Posted Date :  30-10-20

Read more

USAID launches three regional energy programs in South Asia

The U.S. Agency for International Development (USAID) announced three regional energy programs in South Asia, valued at more than USD28 million through the US Government's Asia Enhancing Development and Growth through Energy (Asia EDGE) initiative that would improve access to affordable, secu
Posted Date :  28-10-20

Read more

Libya NOC resumes oil exports from key terminals in the east

Tripoli: Libya's National Oil Corporation announced Friday the resumption of oil exports from two key terminals in the east of the conflict-strewn country, as rival administrations struck a ceasefire deal.   "Force majeure is being lifted from Ras Lanuf and Al-Sidra starting
Posted Date :  24-10-20

Read more